Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

Four Oaks Fincorp, Inc. Announces Preliminary Results of Rights Offering (8/06/14)

FOUR OAKS, N.C.--(BUSINESS WIRE)--Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the “Company”), the holding company for Four Oaks Bank & Trust Company (the “Bank”), today announced that the subscription period of its previously announced rights offering (the “Rights Offering”) expired at 5:00 p.m., Eastern Time, on July 31, 2014. Subscription rights that were not properly exercised by such time have expired and are no longer exercisable.

Based on the preliminary results, the Company estimates that it will receive aggregate gross proceeds in connection with the Rights Offering and related transactions of $24.0 million dollars. The Company expects that it will receive the maximum amount permissible pursuant to the terms of the Rights Offering and that all basic subscriptions received will be filled. Based on the significant response to the Offering, the Company anticipates that only a fraction of the oversubscription requests will be satisfied.

The Company’s estimates above are preliminary, as the Rights Offering is subject to a finalization and verification process by the Company and the subscription agent, Registrar and Transfer Company, which the Company expects to be complete during the month of August 2014. After all allocations and adjustments contemplated by the terms of the Rights Offering have been effected, the Rights Offering will be completed and the Company will distribute shares of its common stock to holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full. Any excess subscription payments received by the subscription agent and not used in the Rights Offering will be returned, without interest or penalty, as soon as practicable following completion of the Rights Offering.

http://www.businesswire.com/news/home/20140806006306/en/Oaks-Fincorp-Announces-Preliminary-Results-Rights-Offering#.U-KCl_ldV8E